All Forum Posts by: Jason Pritchard

@Matthew Allen just sent you a direct message, let me know if I can help

Search the address in Property Radar and it will bring up the owners name(s), mailing address, and possibly a phone number as well.  Send them a letter, knock on their door if they live in town, or pick up the phone and call them to see if they’re interested in selling.  Ideally there is enough equity in the home that you can buy it at a price that makes the sellers happy but also works for you as an investment.  Good luck 

You can use https://www.truepeoplesearch.com/ and search each one individually for free or for paid searches on larger lists I have used:

https://skipgenie.com/

https://www.bulkskipping.com

https://www.yellowletterhq.com/product/skiptracing/

@Peter Brady I will be flying in late tomorrow night and leaving Wednesday evening, let me know if you available and we can set something up. 

@Andrew Harrell @Stephen Sokolow What is your guy's availability on this coming Tuesday or Wednesday?  I can meet either of you wherever it is convenient

@Stephen Sokolow Yes I am interested in healthcare based real estate.  My wife is currently going through the licensing process to open in-home residential care facilities for the developmentally disabled.  

@Dennis Ndembe I'll be flying out there next week and have some projects coming up.  Just sent a message to your inbox and would like to get some bids.  

@Jen Arizmendi

Thanks for the quick response! I just sent a message to your inbox.

Hi Everyone,

I'm an active investor from Central California and have completed 100+ projects in my area over the last couple of years. I'm getting ready to start a new JV project which is going to bring me to South Bend, IN next week and I would love to be able to connect with other investors, agents, contractors, property managers, handyman, etc while I am there.

Our partnership has recently acquired 14 properties in Indiana and 4 of which are in the South Bend area and we will be starting work on those as soon as possible.  We will be there from Monday 8/26 through Wednesday 8/28 and am hoping to set up as many meetings as possible to get the lay of the land.

Coffee, lunch, drinks, etc are on me if anyone has time to get together....thanks in advance.  
  

Hi, @Daniel Buck I have a similar background when it comes it my work experience as well as the reasoning behind why I got into REI. The bottom line is that you just have to start.......unfortunately, most new investors that I meet get stuck in the same position you're in now because they are unwilling to get started. I had no prior real estate experience when I transitioned from my corporate job but I was not afraid to get the process started.

If I had to do everything all over again I would spend the vast majority of my time learning how to market to/get in front of as many "motivated sellers" as possible.  Nothing else really matters until you can start talking to sellers that are motivated to sell their property for some other reason than netting as much money as they possibly can from the sale.  Generally speaking, those sellers own properties that are distressed, have problematic tenants, are vacant, were inherited, have code enforcement issues, are in preforeclosure, are in tax default, owners are going through a divorce, etc, etc, etc.  The faster that you can learn to get in front of these sellers on a consistent basis the faster you will start doing deals.

I run a local REIA on meetup.com that meets once a month. Our next meetup is tomorrow 4/8/19 at 6:00 pm. We usually get between 80-90 people in attendance so feel free to join us so you can meet some other like-minded individuals.

Let me know if you have any questions or if I can help with anything.  

Hi @Troy Carter  

You're numbers look good, there are a few things you can do to increase cash flow such as self manage or shop for a better insurance rate to get your cash flow closer to the $250-$300.  I actually think that self-managing is a good idea for the first few properties so can get a sense of what's involved and a better idea of what you'll end up paying the property manager for.  

Most of my properties are either 2/1 or 3/1 with an ARV in the $135,000-$150,000 range. My loan amount ends up being smaller but the rents are still usually around $1,000+, I've found that after a certain point the rents don't scale with the property values and your cash flow gets squeezed. The tradeoff is that you may end up in area's that are a little rougher so you'll have to account for that as well.

My opinion is that if you're going to try and buy rental properties you have to have the goal of getting to 8-10 units sooner rather than later.  If all you're numbers hold true $161/mo isn't really going to move the needle for most people and I personally didn't start getting overly excited about the cash flow until I got over 10 units.  But once I got past that tipping point and gained more momentum I started pushing myself to acquire more rentals.  Hopefully, this is helpful, let me know if you have any other questions.